149 no further financial loss nor order books, at least for the present, or the Store was to be gradually closed if it should be deemed wise. Further, all ·- -:..;-~--'..:....- ... .::--.-~--- printed and mimeographed lessons, prayer letters, et ,cetera;were to be dis- continued. The Board further agreed if the newly adopted program did not meet the need by the end of July, 1930, further drastic reductions would be necessary until the School was operating within its income. All efforts to alleviate the financail situation failed. Instead, the income continued to decrease as the Depression continued, and further re- trenchment became absolutely necessary. Reluctantly, the Board authorized the Business Manager to find either a prospective buyer or a tenant who would rent the facilities so that the School could move to a less expens- ive quarters, and to execute an exclusive fifteen-day option with a Mr. Tatum to purchase the buildings for one and a half million dollars, an option which Mr. Tatum never accepted. During the early phases of the financial crisis, the Board had relied greatly on loans advanced by Mrs. Stewart, Trustee of the Trust Fund left by Mr. Stewart. She was unwilling to discontinue the work of the Biola Women's Department, for which the Trust Fund had been established. She felt the Fund had already been depleted to the extent that the income from it now was not sufficient to salvage the School's financial situation. She pointed out that the Trust Fund was intended for the work under the Bible Women, not for operational expenses of the School. Early in 1931, therefore, the Board seriously considered selling the buildings to the Salvation Army, which had shown some interest. The Fidelity Savings and Loan Association was asking for the prompt payment of $180,000 on the Mortgage they held on the property. Reports and figures were prepared to aid in the negotiations with the Salvation Army. However, nothing con- crete developed from this. The next major shock came in May, 1931, when the Board was faced with
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